Full Text of SB2350 96th General Assembly
SB2350 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 SB2350
Introduced 2/26/2009, by Sen. Susan Garrett SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. In a Section concerning the returning veterans' homestead exemption, provides that the veteran may apply the exemption for the taxable year after he or she returns if (i) he or she first acquires a principal residence during the taxable year in which he or she returns, but after January 1 of that year, and (ii) if the property is owned and occupied as a principal residence by the veteran on January 1 of the next taxable year. Effective immediately.
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FISCAL NOTE ACT MAY APPLY | |
HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
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A BILL FOR
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SB2350 |
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LRB096 11625 HLH 22159 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, | 3 |
| represented in the General Assembly:
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| Section 5. The Property Tax Code is amended by changing | 5 |
| Section 15-167 as follows: | 6 |
| (35 ILCS 200/15-167) | 7 |
| Sec. 15-167. Returning Veterans' Homestead Exemption. | 8 |
| (a) Beginning with taxable year 2007, a homestead | 9 |
| exemption, limited to a reduction set forth under subsection | 10 |
| (b), from the property's value, as equalized or assessed by the | 11 |
| Department, is granted for property that is owned and occupied | 12 |
| as the principal residence of a veteran returning from an armed | 13 |
| conflict involving the armed forces of the United States who is | 14 |
| liable for paying real estate taxes on the property and is an | 15 |
| owner of record of the property or has a legal or equitable | 16 |
| interest therein as evidenced by a written instrument, except | 17 |
| for a leasehold interest, other than a leasehold interest of | 18 |
| land on which a single family residence is located, which is | 19 |
| occupied as the principal residence of a veteran returning from | 20 |
| an armed conflict involving the armed forces of the United | 21 |
| States who has an ownership interest therein, legal, equitable | 22 |
| or as a lessee, and on which he or she is liable for the payment | 23 |
| of property taxes. For purposes of the exemption under this |
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SB2350 |
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LRB096 11625 HLH 22159 b |
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| Section, "veteran" means an Illinois resident who has served as | 2 |
| a member of the United States Armed Forces, a member of the | 3 |
| Illinois National Guard, or a member of the United States | 4 |
| Reserve Forces. | 5 |
| (b) In all counties, the reduction is $5,000 and only for | 6 |
| the taxable year in which the veteran returns from active duty | 7 |
| in an armed conflict involving the armed forces of the United | 8 |
| States ; however, if the veteran first acquires his or her | 9 |
| principal residence during the taxable year in which he or she | 10 |
| returns, but after January 1 of that year, and if the property | 11 |
| is owned and occupied by the veteran as a principal residence | 12 |
| on January 1 of the next taxable year, he or she may apply the | 13 |
| exemption for the next taxable year, and only the next taxable | 14 |
| year, after he or she returns . For land improved with an | 15 |
| apartment building owned and operated as a cooperative, the | 16 |
| maximum reduction from the value of the property, as equalized | 17 |
| by the Department, must be multiplied by the number of | 18 |
| apartments or units occupied by a veteran returning from an | 19 |
| armed conflict involving the armed forces of the United States | 20 |
| who is liable, by contract with the owner or owners of record, | 21 |
| for paying property taxes on the property and is an owner of | 22 |
| record of a legal or equitable interest in the cooperative | 23 |
| apartment building, other than a leasehold interest. In a | 24 |
| cooperative where a homestead exemption has been granted, the | 25 |
| cooperative association or the management firm of the | 26 |
| cooperative or facility shall credit the savings resulting from |
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LRB096 11625 HLH 22159 b |
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| that exemption only to the apportioned tax liability of the | 2 |
| owner or resident who qualified for the exemption. Any person | 3 |
| who willfully refuses to so credit the savings is guilty of a | 4 |
| Class B misdemeanor. | 5 |
| (c) Application must be made during the application period | 6 |
| in effect for the county of his or her residence. The assessor | 7 |
| or chief county assessment officer may determine the | 8 |
| eligibility of residential property to receive the homestead | 9 |
| exemption provided by this Section by application, visual | 10 |
| inspection, questionnaire, or other reasonable methods. The | 11 |
| determination must be made in accordance with guidelines | 12 |
| established by the Department. | 13 |
| (d) The exemption under this Section is in addition to any | 14 |
| other homestead exemption provided in this Article 15. | 15 |
| Notwithstanding Sections 6 and 8 of the State Mandates Act, no | 16 |
| reimbursement by the State is required for the implementation | 17 |
| of any mandate created by this Section.
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| (Source: P.A. 95-644, eff. 10-12-07.)
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| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law. |
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